Gulf News Report

Dubai: Money in circulation and short-term bank deposits in UAE have recorded a decrease by 3.3 and 0.7 per cent respectively during the last month of May, UAE Central Bank said in its monthly bulletin.

The decrease, however, was overshadowed by a 0.4 per cent increase in government deposits during the same period, the bank statement said.

Gross bank assets, including bankers’ acceptances, increased by 0.9 per cent, and rose from Dh2.71 trillion at the end of April 2018 to Dh2.73 trillion at the end of May 2018.

Gross credit also increased by 0.7 per cent from Dh1.60 trillion to Dh1.61 trillion during the same period.

Total bank deposits during May 2018 have increased by Dh11.7 billion, due to Dh10.7 billion and Dh1 billion increases in Resident Deposits and Non-Resident Deposits, respectively.

Long term deposits override a decrease in money supply, which reached Dh500 billion at the end of May 2018, down from Dh514.4 billion at the end of last April. The short-term deposits also recorded a decrease from Dh1.31 trillion at the end of April to Dh1.30 trillion at the end of May 2018.